Bitcoin fell from $ 36,040 at 10:45 p.m. last night to $ 34,935 at 5 a.m., a sharp decline of 3%. Ethereum fell from $ 2,415 to $ 2,315 from 1:05 am to 7:05 am, a decrease of 4.2%. And dogecoin overnight fell from 0.317 to 0.308, down 2.8%.
The cryptocurrency expert said that if the death cross occurs “it doesn’t mean bitcoin is going to plunge, because most of the pain may have already happened.”
“We are halfway through the previous bitcoin record.
“Now we are preparing to go up like in March 2020.”
Many experts now suggest that the signals of an “imminent” death cross could be a “signal to buy against the tide.”
A death cross is interpreted from measurements of the 50 or 200 day moving price averages.
These “lagging indicators” show averages of what happened, but do not suggest what will happen in the future.
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Many experts point out that the last cross of death which occurred on March 26, 2020 displays a “signal to buy against the tide”.
The most recent death cross was on March 26, 2020, when the bitcoin / dollar price pair closed at $ 6,758.18.
However, the March 2020 Death Cross, in retrospect, turned out to be a signal to buy against the tide, as bitcoin rates against the dollar had already bottomed weeks before, priced at. $ 3,858 per bitcoin.
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Speaking on comparisons between deaths, Mike McGlone, senior commodities strategist at Bloomberg Intelligence, said in a research note released Wednesday: $ 4,000.
“A more sustainable discount at the end of 2018 marked the lowest closer to $ 3,000.
He added that this could be an indicator for the bulls to invest in the market.
He added: “Calls for $ 20,000 and technical models like ‘death crosses’ are often triggers for more fundamentally focused, longer-term bulls to be responsive buyers,”